Bank soundness and bank lending to new firms during the global financial crisis
Bank soundness and bank lending to new firms during the global financial crisis
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DOI：
10.1002/rfe.1090
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发表时间：
2020-07
影响因子：
1.2
通讯作者：
Eriko Naiki;Yuta Ogane
中科院分区：
文献类型：
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作者：
Eriko Naiki;Yuta Ogane
本文通过使用包含 1,467 家在日本注册的非上市中小企业的独特企业-银行匹配级别数据集，研究了 2008 年金融危机期间金融机构的稳健性如何影响银行对新企业的贷款。我们采用企业内部估计器，可以通过企业*时间固定效应来控制未观察到的企业对信贷的需求。本文的主要发现有以下四点。首先，较为健全的金融机构通常不太可能向新企业提供融资。其次，我们的结果表明，在 2008 年金融危机期间，更健全的金融机构向新企业提供贷款的可能性较小。第三，与非危机时期同样健全的金融机构相比，金融机构在危机期间向新企业提供融资的可能性较小。最后，在金融危机期间由更健全的金融机构建立的对新企业的贷款关系比由不太健全的金融机构提供的贷款更有可能继续下去。
This paper examines how the soundness of financial institutions affected bank lending to new firms during the 2008 financial crisis by using a unique firm–bank match‐level dataset of 1,467 unlisted small and medium‐sized enterprises incorporated in Japan. We employ a within‐firm estimator that can control for unobserved firms’ demand for credit through firm ∗ time fixed effects. The major findings of this paper are the following four points. First, sounder financial institutions may be generally less likely to provide financing to new firms. Second, our results suggest that sounder financial institutions were less likely to provide loans to new firms during the 2008 financial crisis. Third, financial institutions were less likely to provide financing to new firms during such crisis as compared to those with the same soundness during non‐crisis periods. Finally, such lending relationships to new firms that are established during the financial crisis by sounder financial institutions are more likely to be continued than such lending by less sound financial institutions.